Nabucco to reach plateau level earlier than expected: Reinhard Mitschek

A final investment decision, expected in 2010, to build the Nabucco gas pipeline from the Caspian region to Europe should spur a multi-national search for gas to fill it, Reuters reported Nabucco gas pipeline international head Reinhard Mitschek as saying at a gas summit Natural Gas for Europe: Security and Partnership" in Bulgaria.

"We see gas from Azerbaijan, Turkmenistan, Iraq, Egypt, even from Iran and Russia. We do not exclude any source... We are confident that the pipeline will reach plateau level earlier than expected," Mitschek said.

The Nabucco project worth ?7.9 billion ($10.1 billion) will deliver Azerbaijani and Central Asian gas to the EU.. Its maximum capacity will be 31 billion cubic meters per year. The construction is expected to begin in 2011. Its maximum capacity will be 31 billion cubic meters per year.  Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.7 percent each.

About 30 percent of the project will be invested by Nabucco Gas Pipeline International on basis of its share. The remaining 70 percent will be provided by international institutions. The rest will be invested by export-credit agencies and commercial banks.

/Trend Capital/